WTI climbs to fresh weekly highs around $78.40s on improved risk appetite – by christianborjon Oil WTI Energy
, on Tuesday. Nevertheless, Powell’s muted response gave the green light to traders seeking risk. At the time of writing, WTI is trading at $77.93 per barrel.
WTI has recovered from diving toward the weekly lows of $72.30 on Monday. Expectations after last Friday’sreport for January added that the US economy added more than 500K jobs, pressured investors as they scrambled to square off their positions in riskier assets ahead of yesterday’s speech by Jerome Powell.
Powell said interest rates would need to increase if solid labor market data threatened to derail the Fed’s progress to curb inflation. However, he declined to give any forward guidance regarding future rate hikes and their size. That said, investors’ worries faded as higher interest rates in the United States suggested the greenback could strengthen, which meansThe reopening of China after relaxing Covid-19 restrictions is expected to support the demand for fuel. In the meantime, the Organization of Petroleum Export Countries and its allies decided to keep crude output unchanged, as an Iranian official said the cartel is likely to stick to its current policy on Wednesday.
Nevertheless, a solid inventory report from the US capped oil prices, as an increment in supply makes oil cheaper. The US Energy Information Administration revealed that oil production in the US rose to its highest level since April 2020.Technically speaking, WTI remains neutral to downward biased, and the ongoing correction might offer sellers better entry prices. Nevertheless, if WTI’s bulls reclaim the 50-day Exponential Moving Average at $78.71, a move toward the $80.
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